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By Deal Pack - March 15, 2013
This question has come up a few times by customers. The first thing I always tell them is to first check with their state or Auto Dealer Association to see if it’s ok to charge interest after you have reposed or charged of a loan . After you have repossessed or charged off the accounts all you need to do to get started is the following:
Steps to Add Interest to Repo/Charge off accounts
1. Go to customer section, pull up customer (make sure to check All Status) to bring them up.
2. Enter Employee code and click the Deal Tab
3. On far right you will see a C/O Interest Rate and an Interest start date
4. Enter the Interest Rate you want the payments to use on the repo/charged off account. The Interest start date will default to the day you did the charge off or repo however you can enter what date you want it to start. After you are done just hit save at the bottom. So when a payment is received after the repo charge off those payments will have an interest break down based on the rate entered.
If you need any help or want to do one, just call me Amir at 800-526-5832 ext 223 and I’ll be happy to walk you through
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Advanced Business Computers of America (ABCoA) develops and supports end-to-end software solutions for the subprime finance industry. Since 1983,
we have helped automotive dealerships and finance companies eliminate duplication, remain compliant, and achieve success with dependable, all-in-one software and white glove service and support.
Deal Pack is a complete, all-in-one software ecosystem customizable to your exact needs and scalable to your exact size - helping improve your operations, grow your business,
and solve the challenges you face. Whether you are a finance or sales company, multi-entity or publicly traded company handling BHPH or LHPH, operating or capital leases,
internal or external floor-planning, retail, rentals, consumer loans, origination, or seasoned paper, Deal Pack is the dependable software for mission critical operations.
Deal Pack handles all of your business needs transparently – providing you measurable improvements and complete financial control, saving you time,
increasing your bottom line, and allowing you the freedom to focus on your daily operations. Deal Pack is relied upon by thousands of customers across
all 50 states in the United States and six countries around the world. Customers properly using Deal Pack have never lost an IRS audit.
To learn more about ABCoA, visit www.abcoa.com.